Non-fungible tokens (NFT) are booming. In the last 24 hours alone, more NFTs have been sold than in all of 2020. Could 2021 be a record year for NFT?
The trade in non-fungible tokens (NFT) is booming
Time and again, unique digital works of art are being sold for record sums. Canadian crypto analytics firm Bitcoin Code has released a report that predicts 2021 will be an extremely bullish year for NFT.
In January 2018, William Entriken, Dieter Shirley, Jacob Evans and Nastassia Sachs invented the ERC-721 standard, which is the foundation for non-fungible tokens. Initially, the NFT area outside of the crypto space was hardly known. But that changed suddenly in 2020. In the second half of 2020, NFT sales rose more than 200 percent to $ 9 million .
Since then, NFT sales have grown at an incredible rate, and according to Cryptoslam , the sector’s revenue was just under $ 60 million in the past 24 hours.
In addition, the value of sought-after NFTs has also skyrocketed. For example, on January 25, a collector’s item from the Cryptopunk series, which is very well known in the crypto community, was sold for 605 Ethereum . At the time, the Ethereum was worth $ 761,885. In addition, a virtual property from the blockchain game Axie Infinity was sold on February 11 for the equivalent of 1.5 million US dollars.
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An analyst with crypto analytics firm Messari believes that number can soar to more than $ 1.3 billion by the end of 2021. He also sees the greatest potential in the NFT categories of gaming and collectibles. He is of the opinion that the sector can only really go through the roof once it has reached the gaming area.
The team of NonFungible of which is convinced that the momentum in 2020 is a sign that 2021 will be an even erreignissreicheres year for the adaptation of NFT. The current bull market is therefore only a harbinger of what lies ahead in 2021. In addition, the NonFungible Team assumes that a large number of mature use cases and structured projects will be established this year.
The ecosystem is full of internal and external signals that suggest that the development of NFT space is accelerating dramatically.
NonFungible believes that we are only at the very beginning of the development of the sector. In addition, at the moment, as with the Internet, it is not even foreseeable to what extent NFT will change our world.